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+Chapter 23: Spreads Combining Calls and Puts 345 
+THREE USEFUL BUT COMPLEX STRATEGIES 
+The three strategies presented in this section are all designed to limit risk while 
+allowing for large potential profits if correct market conditions develop. Each is a 
+combination strategy - that is, it involves both puts and calls and each is a calendar 
+strategy, in which near-term options are sold and longer-term options are bought. (A 
+fourth strategy that is similar in nature to those about to be discussed is presented in 
+the next chapter.) Although all of these are somewhat complex and are for the most 
+advanced strategist, they do provide attractive risk/reward opportunities. In addition, 
+the strategies can be employed by the public customer; they are not designed strict­
+ly for professionals. All three strategies are described conceptually in this section; 
+specific selection criteria are presented in the next section. 
+A TWO-PRONGED ATTACK {THE CALENDAR COMBINATION} 
+A bullish calendar spread was shown to be a rather attractive strategy. A bullish call 
+calendar spread is established with out-of-the-money calls for a relatively small debit. 
+If the near-term call expires worthless and the stock then rises substantially before 
+the longer-term call expires, the profits could potentially be large. In any case, the 
+risk is limited to the small debit required to establish the spread. In a similar man­
+ner, the bearish calendar spread that uses put options can be an attractive strategy 
+as well. In this strategy, one would set up the spread with out-of-the-money puts. He 
+would then want the near-term put to expire worthless, followed by a substantial drop 
+in the stock price in order to profit on the longer-term put. 
+Since both strategies are attractive by themselves, the combination of the two 
+should be attractive as well. That is, with a stock midway between two striking prices, 
+one might set up a bullish out-of-the-money call calendar spread and simultaneously 
+establish a bearish out-of-the-money put calendar spread. If the stock remains rela­
+tively stable, both near-term options would expire worthless. Then a substantial stock 
+price movement in either direction could produce large profits. With this strategy, 
+the spreader does not care which direction the stock moves after the near options 
+expire worthless; he only hopes that the stock becomes volatile and moves a large dis­
+tance in either direction. 
+Example: Suppose that the following prices exist three months before the January 
+options expire: 
+January 70 call: 3 
+April 70 call: 5 
+XYZ common: 65 
+January 60 put: 2 
+April 60 put: 3